High Templar’s revenue plunges as search for new business continues

High Templar Tech Ltd. (HTT.US), a former Chinese fintech lender now in search of a new business model, on Wednesday reported its revenue plunged 73% to just 8 million yuan ($1.2 million) in the first half of 2026 from 29.3 million yuan a year earlier. It also revealed that it owes a sizable amount in unpaid taxes related to its business activity in earlier years.

The company, formerly known as Qudian, said its revenue in the first six months of this year came from its last-mile delivery business in Australia, which the company has now officially closed.

The company still had a sizable 6.13 billion yuan in cash and restricted cash at the end of June, which helped it to generate 1.28 billion yuan in interest and investment income in the first half of the year. As a result, it reported a profit of 417 million yuan in the first half of the year, down from 462 million yuan a year earlier.  

The company also said it was informed by tax authorities in its hometown of Xiamen that past restructurings of two of its units were taxable events for which the company still owes taxes. It added that Chairman and CEO Luo Min expects to make a payment of 790 million yuan soon.

High Templar’s shares fell 6.7% on Wednesday after the results were published, and are down 45% this year. The company says it is currently exploring new business opportunities that can leverage its technology know-how and financial service capabilities.

By Doug Young

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